12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Advantages and Disadvantages of a Limited Liability Company (LLC) in Zip Code 97341

Advantages and Disadvantages of a Limited Liability Company (LLC) in Zip Code 97341


Grit is often the single-most predictor of success.
 
- Jonah Lehrer


A Limited Liability Company (LLC) is a legal business entity that combines the liability protection of a corporation, the operating flexibility of a Partnership, and the tax benefits of a sole proprietorship. Though the rules for forming an LLC vary by state, it is a popular option for many start-up businesses.

Advantages:

Limited Personal Liability and Exposure

One advantage of an LLC is the limited liability shield, which protects the personal assets of its members. Creditors, typically, cannot hold members personally responsible for the debts and liabilities of the business. Members can only be liable to the extent of their business investment.

Pass-through Taxation

Though there are an array of tax options for a Limited Liability Company; an LLC is generally treated as a "pass-through" entity. Profits and losses pass through the business to the members and are taxed at the personal level. The business itself is not taxed. Reporting is done on members' individual income tax returns. No double taxation with both the company and the owner(s) paying taxes on the earnings of the business.

Operational Flexibility & Simplicity

An LLC is much less formal than a corporation. Record keeping and administrative procedures are not as onerous. There are no quarterly and annual meetings, or tax filings. Neither is there a board of directors.

Legitimacy

Registering a company as an LLC adds credibility to a business, and can help in brand building and marketing to potential clients and suppliers. In addition, the company can enter into contracts on its own, and also acquire property.

Disadvantages:

Higher Fees

An LLC typically pays higher filing fees compared to some other business entities or sole proprietorships. Additionally, some states require annual renewal fees or franchise taxes. It is difficult for an LLC to attract additional investment because the company does not have the ability to issue stocks and bonds. Members have to finance its business activities, or take in private investors. Getting a loan can be tough, especially for small and start-up companies. The company may have to use its business, or personal, assets to guarantee business loans.

Fewer fringe benefits

Employees of an LLC who receive fringe benefits, for example, medical insurance and parking, must treat these benefits as taxable income. This is also true for employees who own more than 2% of an S-corporation. However, employees of a C-corporation do not have to report fringe benefits as taxable income.
 
Personalize & Print a Free OR Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free OR Living Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Zip Code 97341
Campbell & Popkin, LLC
110 Pacific Ave
Tillamook, OR 97141
(503) 374-9877
Attorneys, Commercial Law Attorneys
Ehrlich James B
416 Laurel Ave # 1
Tillamook, OR 97141
(503) 842-8070
Accident & Property Damage Attorneys, Attorneys, Criminal Law Attorneys
Putman John R Atty
416 Laurel Ave
Tillamook, OR 97141
(503) 842-7733
Attorneys,  Landlord & Tenant Attorneys,  Wills, Trusts & Estate Planning Attorneys,  Real Estate A
Campbell & Popkin
2505 Main Ave N # D
Tillamook, OR 97141
(503) 842-6800
Probate Law Attorneys,  Attorneys,  Family Law Attorneys,  Wills, Trusts & Estate Planning Attorney
Albright Lois A
2308 3rd St
Tillamook, OR 97141
(503) 842-6633
Elder Law Attorneys, Attorneys, Family Law Attorneys, Real Estate Attorneys, Personal Injury Law Att
Kittell Christopher
2308 3rd St
Tillamook, OR 97141
(503) 842-6633
Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, Civil Litigation & Tria
Tuthill John H
2406 3rd St
Tillamook, OR 97141
(503) 842-6601
Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Personal Injury Law
Kuzma Samuel J
2406 3rd St
Tillamook, OR 97141
(503) 842-6601
Attorneys, Divorce Attorneys, Family Law Attorneys
Total Attorneys - DUI
PO Box 273995
Madras, OR 97741
(541) 363-5240
Attorneys, Legal Service Plans
Sargent William K
1134 Main Ave
Tillamook, OR 97141
(503) 842-4921
DUI & DWI Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Legal Service Plans
Albright Kittell PC
2308 3rd St
Tillamook, OR 97141
(503) 457-4881
Family Law Attorneys,  Divorce Attorneys,  Accident & Property Damage Attorneys,  Real Estate Attorn
Kimble Jennifer F
35 SE C St # A
Madras, OR 97741
(541) 475-4500
Attorneys, Legal Service Plans
W. Todd Westmoreland, PC
2106 4th St
Tillamook, OR 97141
(855) 278-4443
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Automobile Accident Attorneys
Hamalian Alexander A
1914 2nd St
Tillamook, OR 97141
(503) 842-4082
Attorneys, Legal Service Plans
Nordlander Nancy A
2315 1st St
Tillamook, OR 97141
(503) 842-3669
Adoption Law Attorneys, Attorneys, Family Law Attorneys
Hooley Christian K
2111 8th St
Tillamook, OR 97141
(503) 842-2553
Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Glenn Reeder & Gassner
205 SE 5th St
Madras, OR 97741
(541) 475-2272
Mon. - Fri. 9am - 5pm, Sat. - Sun. CLOSED
Gassner Timothy R
205 SE 5th St
Madras, OR 97741
(541) 475-2272
Attorneys
Wine Dennis J
2011 3rd St
Tillamook, OR 97141
(503) 354-2221
Attorneys, Legal Service Plans
Reid Jered
35 SE C St # D
Madras, OR 97741
(541) 475-1111
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US